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Quarterly report relating to staff-issued Determination Notices for 2023 and 2024 Non-competitive 4% Housing Tax Credit applications
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BACKGROUND
The 4% Housing Tax Credit (HTC) applications are reviewed by program, underwriting, and compliance staff within an approximately 90-day period, and Determination Notices are issued once all reviews are complete and the underwriting report is posted to the Department's website. Applications are submitted at the beginning of each month and are then slated for a Determination Notice to be issued approximately 90 days later, which generally coincides with the Board meeting calendar, in order to provide internal and external expectations regarding the Determination Notice issuance date.
The 4% HTC applications listed in Exhibit A include those where the Determination Notice was issued administratively by staff. From March through May 2024, staff has administratively issued eight Determination Notices. This represents 1,684 total units and $17,059,371 in annual 4% Housing Tax Credits.
2023 Application Log Summary
The 2023 Private Activity Bond (PAB) program had an annual ceiling amount of $3.6 billion, and as of January 17, 2024, eligible requests totaled approximately $7.5 billion, with much of the requests coming from multifamily issuers. The 2023 4% HTC Application Log is included as Exhibit B and highlights 4% activity for the 2023 program year. There are seven applications that have been approved, and have had Determination Notices issued, but have yet to close. Those approved applications represent total issuances of approximately $20 million in 4% Housing Tax Credits. The closing of those applications will mark the end of the 2023 program year.
Moreover, the log reflects the 44 applications that have closed on their respective bond allocations. Those projects that have closed represent 9,281 units, and over $99 million in 4% Housing Tax Credits. Altogether, when considering what has closed, and been ...
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